TRUMP memecoin has continued to decline, falling to $2.81 after rejection at $3.11 and $3 support failed to hold.
As of this writing, Official Trump [TRUMP] traded at $2.83, down 5.63% on the daily charts, extending its month-long downtrend.
Memecoin TRUMP team moves 7.59 million worth $21.8 million
Despite the extended and stubborn market weakness, the Trump team has signaled another potential sale.
According to Onchain Lens, the TRUMP team sent 7.59 million TRUMP, worth $21.81 million, into BitGo Custody.
For now, these tokens have not been sold. However, the team previously moved tokens to the wallet and then deposited them into exchanges.
If the previously observed pattern reemerges, the token will likely be sold. Selling pressure from the team, especially now with TRUMP under extreme stress, will cause downside pressure.
The memecoin is under strong selling pressure
While the team’s transfers have yet to hit exchanges, market participants are aggressively selling TRUMP.
Spot Taker CVD data from Cryptoquant showed sell dominance for the past three weeks. This metric remained red and has not printed green even once in the past 30 days.
This suggests that sellers are currently the dominant players in the market. In fact, the Buy Sell Volume metric confirms this seller dominance.
According to Coinalyze data, Official Trump [TRUMP] saw 245 million in Sell Volume over the past 30 days, compared to 227 million.
As a result, the memecoin has recorded net buying of -182 million and a delta of -13 million. Negative net buying and delta are clear signs of aggressive spot selling.
Traditionally, increased selling in the spot market has further stretched the market, increasing downside risk.
On the Futures side, sentiment remains the same. CoinGlass data showed that sellers have dominated the futures market.
Over the past seven days, for example, $658.7 million flowed out of futures compared to $618 million in inflows. The trend is even stronger on longer timeframes, with over $1.2 billion leaving in the past 2 weeks.
More losses ahead for the memecoin?
TRUMP has faced strong downward pressure amid intense selling from all market participants. This increased selling has significantly strengthened the downside momentum.
The recent token transfers from the team wallet could further exacerbate these market conditions. In fact, TRUMP’s Relative Strength Index (RSI) made a bearish crossover and fell to 42.
Such a drop signaled sellers’ dominance and weaker market demand. At the same time, the memecoin’s Parabolic SAR also dropped to 2.7, confirming this market weakness.
These momentum indicators signal the likelihood of the trend’s continuation. Thus, if sellers continue to dominate and the team also dumps the recently moved tokens, TRUMP could slip below $2.7 towards $2.5.
For a trend reversal, the memecoin needs to reclaim $3 and build momentum towards $4.